Nashville Real Estate Market 2009

It's only been a few weeks now into 2009 and the real estate market in Nashville Tennessee seems to be showing signs of picking up. One of the major indicators of this increased activity is the number of appointments agents are making to show homes. The Appointment Desk is a subsiduary company owned and operated by the owner of RE/MAX Elite in Nashville, Robb Campbell. Robb has seen the showings double from the month of December and that is in the first two weeks of January 2009.

This increased activity at some point will result in sales and the buyers will close on homes and hope that they bought at the bottom of the market. The other buyers who are waiting for the bottom are playing a game of poker with no real idea of when th game is going to end. The economic stimulus packages and interest rates at historic lows are all supposed to act as catalysts for the economic recovery and housing sales is seen as one of the major forces in that recovery.

The low interest rates have helped a lot of people refinace their homes which should allow more diposable income back into the economy but the downside of the low rates for refinance is that this will also have the effect of the homeowner becoming more invested in their home and in away become financially embedded in the home. In other words, as the mortgage rate they have refinanced at is so low, when the rate does go back up, they will be looking at not only an invrease in the value of the home they are buying but also a higher mortgage payment. This may encourage people to stay put and make do with what they have or remodel their homes. This has the adverse effect of slowing down the real estate market.

Only time will tell how quickly the real estate market will bounce back but for the forseeable future, which a constantly growing population and the need for basic human comforts, housing will continue to be a growth industry and this period will be seen just as a blip in an otherwise steady increase in real estate sales.

February Update

The number of showings continues to rise and the overall activity in terms of registrations to search the MLS have increased too. The price range of homes that seems to be the most active is in the $100 to $200,000 range. In January there were 273 single family homes closed and 79 condos.

Of the 273 single family homes that were sold 64 of these were under $100,000. In the $100,000 to $200,000 price range there were 125 homes sold in January. In the $200,000 to $300,000 there were only 43 homes sold. $300,000 to $400,000 there were 23 homes sold. $400,000 to $500,000 the number of homes sold was significantly lower at only 6 homes and only 11 homes between $500,000 to $,000,000. The luxury home price range of over $1,000,000 showed there were 2 homes sold and the most expensive home sold in Nashville was shown to have a sales price of $1,102,000

These figures are for single family homes only and exclude and condo sale and commercial real estate sales. Also excluded are any private sales that did not involve the transaction being entered into the MLS. This typically would account for new construction sales and for sale by owner transactions.

 As of 2/14/2009 there are were 554 homes for sale under $100,000. in the $100,000 to $200,000 there were 1715 homes for sale. in the $200,000 to $300,000 price range there were 812 home actively for sale. $300,000 to $400,000 showed 338 homes for sale. $400,000 to $500,000 the number of homes actively for sale was 160. $500,00 to $1M showed 331 homes for sale and finally in the $1M plus range there were 204 homes for sale.

These figure exclude any of the homes sold in Williamson, Sumner, Wilson, Robertson and Rutherford counties. The figures just concentrate solely on Davidson county.

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